丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨东华测试（300354.SZ） [Table_Title] 东华测试：2025Q3 收入恢复高增长，人形机器 人业务拓展有望提速 [Table_Author] 报告要点 [Table_Summary] 公司 2025Q3 收入高增，或主要受益订单验收及去年同期较低基数。公司继续推动力学产品国 产替代，打造高端科研仪器设备平台化产品体系，同时积极布局传感器行业。目前公司加快人 形机器人行业布局，近期与南通振康签署战略合作协议，与尼得科战略洽谈，聚焦关节模组测 试平台等相关领域。此前公司有多维力传感器布局，在一维力/力矩、多维力传感器上有丰富的 技术储备，有望实现国内外客户的突破。 分析师及联系人 赵智勇 倪蕤 刘晓舟 SAC：S0490517110001 SAC：S0490520030003 SAC：S0490524030001 SFC：BRP550 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 东华测试（300354.SZ） cjzqdt11111 [ ...

中银颐利混合A（002614）成立日期2016年8月9日，最新规模727.43万。今年以来收益11.27%，同类排 名5559/8154；近一年收益9.6%，同类排名5495/8025；成立以来收益16.49%。 10月24日，东华测试涨5.05%，截至发稿，报46.16元/股，成交1.02亿元，换手率2.76%，总市值63.85亿 元。 资料显示，江苏东华测试技术股份有限公司位于江苏省靖江市新港大道208号(沿江公路罗家港桥东北 侧)，成立日期1993年3月8日，上市日期2012年9月20日，公司主营业务涉及结构力学性能测试仪器及配 套软件的研发、生产和销售,并提供应用解决方案和技术服务。主营业务收入构成为：结构力学性能测 试分析系统71.99%，结构安全在线监测及防务装备PHM系统12.89%，电化学工作站10.54%，其他(补 充)4.58%。 从基金十大重仓股角度 数据显示，中银基金旗下1只基金重仓东华测试。中银颐利混合A（002614）二季度持有股数5500股， 占基金净值比例为0.94%，位居第六大重仓股。根据测算，今日浮盈赚取约1.22万元。 中银颐利混合A（002614）基金经理为贺大路。 截 ...

【东华测试前三季度营收同比增长8.70%】10月22日，江苏东华测试技术股份有限公司（以下简称"东 华测试"，300354.SZ）发布三季报。2025年前三季度，公司总营收、净利润同比均有增长。 报告显示，2025年1—9月，公司实现营业收入3.85亿元，较2024年同期增长8.70%。其中，第三季度营 业收入为1.02亿元，同比增长30.75%。 盈利方面，2025年1—9月，东华测试归属于上市公司股东的净利润为1.01亿元，同比增长2.23%；扣除 非经常性损益的净利润为0.99亿元，同比增长0.11%。 非经常性损益项目中，政府补助对净利润增长影响显著。其中，2025年第三季度，公司获得政府补助 284.04万元，2025年前三季度总计获得政府补助400.63万元。 另外，截至本次报告期末，应收票据达到1716.32万元，较2024年同期增长39.08%。对此，东华测试方 面表示，主要系报告期内收到的承兑汇票增加所致。中经记者 黄永旭 北京报道 ...

Group 1: Financial Performance - The company reported a revenue of 385 million yuan for Q3 2025, representing a year-on-year increase of 8.7%, with a net profit attributable to shareholders of 101 million yuan, up 2.23% year-on-year [1] - In Q3 2025, the company achieved a single-quarter revenue of 102 million yuan, a significant year-on-year increase of 30.75%, while the net profit for the quarter was 25 million yuan, reflecting a year-on-year growth of 0.5% [1] - The gross margin for the first three quarters of 2025 was 67.46%, an increase of 0.91 percentage points year-on-year, while the net profit margin decreased to 26.1%, down 1.71 percentage points year-on-year, primarily due to increased non-operating expenses and income tax [1] Group 2: Strategic Developments - The company signed a strategic cooperation agreement with Nantong Zhenkang on September 24, aimed at enhancing collaboration in the research and development of robotic joint modules [2] - Nantong Zhenkang is recognized as a national-level specialized and innovative "little giant," with core products including high-precision RV reducers and welding wire feeding devices, and has developed industrial and medical robots [2] - The company is positioned to leverage its leading small signal anti-interference technology and the growing downstream demand to create a new growth trajectory in the robotics sector [2] Group 3: Investment Outlook - The projected net profits attributable to shareholders for the company from 2025 to 2027 are estimated at 181 million yuan, 245 million yuan, and 325 million yuan, respectively, with corresponding price-to-earnings ratios of 29.6x, 21.8x, and 16.5x [2]

Core Viewpoint - Donghua Testing Technology Co., Ltd. reported growth in total revenue and net profit for the first three quarters of 2025 compared to the same period in 2024 [1] Financial Performance - For the first nine months of 2025, the company achieved operating revenue of 385 million yuan, an increase of 8.70% year-on-year [1] - In the third quarter of 2025, operating revenue reached 102 million yuan, reflecting a year-on-year growth of 30.75% [1] - The net profit attributable to shareholders for the first three quarters of 2025 was 101 million yuan, up 2.23% year-on-year; the net profit excluding non-recurring gains and losses was 99 million yuan, a slight increase of 0.11% [1] Government Subsidies - Government subsidies significantly impacted net profit growth, with the company receiving 2.84 million yuan in the third quarter of 2025 and a total of 4.0063 million yuan in subsidies for the first three quarters [1] Accounts Receivable - As of the end of the reporting period, accounts receivable reached 17.1632 million yuan, a year-on-year increase of 39.08%, attributed to an increase in accepted bills during the reporting period [1]

Core Viewpoint - Jiangsu Donghua Testing Technology Co., Ltd. reported a significant increase in revenue and cash flow for the third quarter of 2025, indicating strong operational performance despite a slight decline in net profit excluding non-recurring items [3][4]. Financial Performance - The company's operating income for the third quarter was CNY 102,393,404.56, representing a year-on-year growth of 30.75% [3][5]. - Year-to-date operating income reached CNY 385,006,862.42, with an increase of 8.70% compared to the previous year [3][5]. - Net profit attributable to shareholders for the third quarter was CNY 24,862,435.33, a modest increase of 0.50% year-on-year [3][5]. - Year-to-date net profit attributable to shareholders was CNY 101,249,054.99, reflecting a growth of 2.23% [3][5]. - The net profit after excluding non-recurring items for the third quarter was CNY 22,750,267.06, down 8.05% year-on-year [3][5]. - Year-to-date net profit after excluding non-recurring items was CNY 98,884,954.84, showing a slight increase of 0.11% [3][5]. Cash Flow - The net cash flow from operating activities for the year-to-date period was CNY 29,139,851.57, a substantial increase of 258.45% [4][5]. Key Financial Ratios - Basic earnings per share for the third quarter were CNY 0.1801, up 0.78% year-on-year [5]. - Diluted earnings per share were also CNY 0.1801, reflecting the same growth rate [5]. - The weighted average return on equity was 3.07%, a decrease of 0.22% compared to the previous year [5]. Balance Sheet Highlights - Total assets at the end of the reporting period were CNY 930,478,137.05, an increase of 10.27% from the previous year [5][16]. - Shareholders' equity attributable to the parent company was CNY 822,935,031.29, up 9.23% year-on-year [5][16].

Core Viewpoint - The pension funds have actively invested in the secondary market, appearing in the top ten circulating shareholders of nine stocks by the end of the third quarter, with six new entries and two increased holdings [1][2]. Group 1: Pension Fund Holdings - By the end of the third quarter, pension accounts held a total of 103 million shares across nine stocks, with a combined market value of 3.281 billion yuan [1]. - The largest holding was in Haiyou Development, with pension funds holding 65.3843 million shares, making them the ninth and fourth largest shareholders [1]. - The second largest holding was in Guoyao Shares, with 20.318 million shares held by pension funds, ranking as the fourth largest shareholder [1]. Group 2: Stock Performance and Changes - Among the stocks held by pension funds, four had a market value exceeding 100 million yuan, including Chuncheng Power, Guoyao Shares, and Haiyou Development [1]. - The stock with the highest net profit growth in the third quarter was Dingtong Technology, achieving a net profit of 176.572 million yuan, a year-on-year increase of 125.39% [3]. - The pension fund's longest-held stock is Chuncheng Power, which has appeared in the top ten shareholders for 14 consecutive reporting periods, maintaining a holding of 7.9514 million shares [2]. Group 3: Sector Distribution - The pension fund's holdings are distributed across different boards, with five stocks on the main board, one on the Sci-Tech Innovation Board, and three on the Growth Enterprise Market [3]. - The pension fund's holdings include stocks from various industries, such as oil and petrochemicals, pharmaceuticals, automotive, basic chemicals, telecommunications, electronics, mechanical equipment, beauty care, and construction decoration [3].

Core Insights - The company reported a revenue of 102,393,404.56 yuan for the third quarter of 2025, representing a year-on-year growth of 30.75% [1] - The net profit attributable to shareholders of the listed company was 24,862,435.33 yuan, showing a slight year-on-year increase of 0.50% [1] Financial Performance - Revenue for Q3 2025: 102.39 million yuan, up 30.75% year-on-year [1] - Net profit for Q3 2025: 24.86 million yuan, up 0.50% year-on-year [1]

Core Viewpoint - Donghua Testing (300354.SZ) reported a year-on-year increase in revenue and net profit for the first three quarters of the year, indicating stable growth in its financial performance [1] Financial Performance - The company's operating revenue for the first three quarters reached 385 million yuan, representing a year-on-year growth of 8.70% [1] - The net profit attributable to shareholders of the listed company was 101 million yuan, showing a year-on-year increase of 2.23% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 98.88 million yuan, with a slight year-on-year growth of 0.11% [1]

Core Viewpoint - Donghua Testing (300354.SZ) reported a year-on-year revenue growth of 8.70% for the first three quarters of 2025, indicating a positive trend in its financial performance [1] Financial Performance - The company's operating revenue for the first three quarters reached 385 million yuan [1] - Net profit attributable to shareholders was 101 million yuan, reflecting a year-on-year increase of 2.23% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 98.885 million yuan, showing a slight increase of 0.11% year-on-year [1] - Basic earnings per share stood at 0.7336 yuan [1]